Can import and sell in Vietnam?

According to information published by newspapers: On June 2, at the seminar “Promoting exports to the Malaysian market and Muslim countries” organized by the Investment and Trade Promotion Center of Ho Chi Minh City (ITPC), Mr. Tran Viet Thai, Ambassador Extraordinary and Plenipotentiary of Vietnam in Malaysia, said that the Vietnam Trade Office in Malaysia is ready to support and connect Vietnamese businesses to import petroleum from Malaysia to stabilize the domestic market. According to Mr. Thai, gas price In Vietnam, it was 31,573 VND/liter, while RON 95 petrol in Malaysia is subsidized by the government and the price for people is 13,000 VND/liter.

According to the Department of Domestic Market of the Ministry of Industry and Trade: In the current gasoline price structure of Vietnam, taxes and fees account for about 30-32% (equivalent to 10-11 thousand VND/liter). Thus, without taxes and fees, the price of gasoline in Vietnam would be about 20,000 VND/liter (equivalent to 0.86 USD/liter).

Malaysia is a major petroleum producer and petroleum exporter. In Malaysia, the State does not levy taxes on domestically consumed petrol and at the same time the Government has a policy of subsidizing prices for domestic consumption of petrol for the people. Currently, the Malaysian Government is subsidizing RM 1.65 equivalent to USD 0.4 per liter of RON95 gasoline and RM 1.85 equivalent to USD 0.45 per liter of diesel.

Thus, according to the Ministry of Industry and Trade, if not subsidized by the Government, the petrol price of Malaysia will be equivalent to the price of petrol in Vietnam if Vietnam does not impose taxes. (If not subsidized and still no taxes, the price of RON95 gasoline in Malaysia will now be 0.87 USD / liter, while the price in Vietnam if taxes and fees are removed is about 0.86 USD / liter) .

In particular, the Department of Domestic Market affirmed: Malaysia’s subsidy policy only applies to local people, even foreigners in Malaysia have to buy unsubsidized petrol Therefore, Malaysia’s exported petroleum is also sold at the common market price of the region. ​For example, in Singapore, a major petroleum exporter in Asia, gasoline prices are also quite high, Singapore’s RON95 gasoline price is currently at $2,315/liter (equivalent to about VND54,000/liter). .

Recently, a number of businesses still import gasoline from the Malaysian market at the same price as those from Asian markets such as Singapore (according to MOP’s price is the average daily price set by Singapore’s Platt news agency). announced).​

Currently, the Ministry of Industry and Trade is asking the Vietnamese Ambassador to Malaysia to have information and reports to explain more clearly about the contents stated in the press.

Luong Bang

Gasoline price increased by nearly 1,000 VND, exceeding 31,500 VND/literPetrol prices continued to be adjusted by businesses to increase prices in the operating period from 3pm on 1/6.